Cuomo and legislative leaders say they have a deal to restructure state income tax

Thumbnail image for NYS Capitol from ESPAndrew Cuomo and legislative leaders announced today that they've reached a deal to restructure the state's income tax.

The Cuomo admin is touting the restructuring as an attempt to "restore fairness to the tax system." Basically, it makes the tax structure more progressive -- that is, the more a person makes, the higher their rate. The admin says 4.4 million New Yorkers will get a tax cut under the new structure.

So, if you're under $300,000 (and more than $40k), you would get a tax cut under this arrangement. Above $300k, your taxes are going up (compared to the rate from a few years back). [NY Post]

As usual, it's little (or a lot) more complicated than that. The bracket breakdown in the press release doesn't really tell the whole story because it doesn't include the temporary personal income surcharge ("millionaire's tax") that's currently in effect -- the TU's Jimmy Vielkind has put together a spreadsheet that makes it a bit more clear.

The Cuomo admin says the new structure generates $1.9 billion in additional revenue for the state -- though that's about $2 billion less than what was generated by the "millionaire's tax", which expires at the end of this month. [NYT] [TU CapCon]

The deal announced today also includes funding for infrastructure projects, support for a constitutional amendment to allow full casino gaming, grants for flood recovery, a few other initiatives.

If you're thinking to yourself: "Wait, did I miss the part where this was all discussed and debated publicly?" The answer is: no, of course not. This is New York.

Comments

Everyone and their mother has been pontificating about the millionaire's tax for at least the past three years. So I don't see it as true that this was not "discussed and debated publicly."

Yes, Bob, execpt in the Capitol. There was no recorded, public discussion in either chamber of Legislature.

Blog discussions don't exactly count as our representatives publicly debating policy.

Overall, the cuts to the lower/middle classes are miniscule as is the hike to the upper class. What a joke...

I'd say that this is an improvement. At a time of rapidly growing wealth disparity, the proposed tax code is more progressive than what we would have otherwise got. So that's progress. Incremental progress, but progress. Am I missing something? (Really, I want to know).

Say Something!

We'd really like you to take part in the conversation here at All Over Albany. But we do have a few rules here. Don't worry, they're easy. The first: be kind. The second: treat everyone else with the same respect you'd like to see in return. Cool? Great, post away. Comments are moderated so it might take a little while for your comment to show up. Thanks for being patient.

The Scoop

Ever wish you had a smart, savvy friend with the inside line on what's happening around the Capital Region? You know, the kind of stuff that makes your life just a little bit better? Yeah, we do, too. That's why we created All Over Albany. Find out more.

Recently on All Over Albany

Jazz at Lincoln Center Orchestra with Wynton Marsalis at Troy Music Hall

The Jazz at Lincoln Center Orchestra with Wynton Marsalis will be at the Troy Music Hall October 7 for a show. Tickets go on sale... (more)

Stuff to do this weekend

On your marks. Get set. Weekend. Before you go out, be sure and have rain boots, sun screen, and a heavy sweater handy -- this... (more)

Morning Blend

Lake George boat crash trial Robert Knarr -- Charlotte McCue's grandfather -- testified Thursday about the night of the crash, sobbing as recounted the events:... (more)

Thinking about affordable housing in Albany

What can the city of Albany do to encourage more affordable housing? That's the question at the center of a debate that continues to simmer... (more)

Tulip Queen finalists 2017

The list of finalists to be this year's Tulip Queen -- and to reign over this city with an iron tulip-shaped scepter -- is out.... (more)

Recent Comments

I feel that when people don't confront inappropriate behavior it sends a signal that it is tolerated. I often speak up in situations like these, depending on my reading of the situation. If we consider ourselves part of a community we all have a role to play in signaling what is and isn't appropriate behavior.

Stuff to do this weekend

...has 2 comments, most recently from Mike Lerch

The Fort Orange General Store is re-opening

...has 4 comments, most recently from BS

Thinking about affordable housing in Albany

...has 5 comments, most recently from BS

Today's moment of spring

...has 1 comment, most recently from jsc

Old trees out, new trees soon

...has 1 comment, most recently from jsc